As of the morning of Sunday, October 5, the price of Bitcoin, the largest cryptocurrency by market capitalization, surged to a record high of $125,245.57, marking an increase of nearly 2.7%. This was reported by Reuters.
The previous record for Bitcoin was $124,480 in mid-August, driven by new regulatory measures from the administration of U.S. President Donald Trump and strong demand from institutional investors.
On Friday, the cryptocurrency rose for the eighth consecutive trading session, fueled by recent gains in U.S. stocks and a influx of funds into Bitcoin exchange-traded funds (ETFs).
Meanwhile, the U.S. dollar weakened on Friday, showing multi-week losses against major currencies, as uncertainty surrounding a potential government shutdown overshadowed economic outlooks and delayed key macroeconomic data, particularly from the labor market.
Remember, in August, Bitcoin had dropped by 0.8% to $108,719 at the start of trading in Asia.
